The Philippine Amusement and Gaming Corporation said gross gaming revenue in 2023 reached a record P285.27 billion, exceeding pre-pandemic levels as mobility restrictions eased and tourism rebounded.
PAGCOR chairman and chief executive officer Alejandro Tengco said the new gross gaming revenue record is 11 percent higher than the previous high of P256.49 billion set in 2019, just before the Covid-19 pandemic restricted global travel.
Gross gaming revenue is total bets placed by players minus winnings paid by casinos.
“Our 2023 results exceeded even our most optimistic projections, and it proves beyond doubt that the Philippine gaming industry has fully recovered and is now poised for sustained growth in the medium- to long-term,” Tengco said.
He said last year’s results make PAGCOR’s gross gaming revenue target of P336.38 billion for 2024 more achievable, especially with the scheduled opening of new integrated resorts this year.
Tengco said the country’s integrated resorts are still the biggest contributors to the gaming industry’s revenue pie with a P207.48 billion share, followed by the fast-rising electronic games sector with P58.16 billion.
PAGCOR-operated casinos under the Casino Filipino brand contributed P19.62 billion.
Tengco expects licensed casinos from the Entertainment City, Metro Manila, Clark, Cebu and the Fiesta Casinos in Rizal and Poro Point will contribute as much as P256,63 billion to this year’s projected gross gaming revenue.
Meanwhile, e-casinos, e-bingo, sports betting and specialty games that together make up the E-Games sector are projected to contribute P61.75 billion in 2024 and should be the fastest growing sector in the next few years, Tengco said.
